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In Light of the National Scenario, Petrobras Started the Signing of Contracts for the Flow and Processing of Natural Gas at the Natural Gas Treatment Unit in Catu, Located in the Municipality of Pojuca, Bahia, on the First Day of March.
A natural gas processing contract with 3R Rio Ventura also went into operation. These contracts replace a solution from January 2022, known as commercial swap.
This type of contract allows companies to anticipate the gas supply in the market before using the flow infrastructure and Petrobras processing. With this change, Petrobras aims to create a sustainable gas market in Brazil.
Natural Gas Production and Processing
Eyeing the Sustainable Market, Petrobras Aims to Invest US$ 70 Billion in Wind Energy
The president of Petrobras, Jean Paul Prates, estimated that an investment of US$ 70 billion (363 billion reais) would be required in the agreement with the Norwegian energy company Equinor. The information is from Reuters.
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Brazilian giant expands borders in the Southeast: Petrobras confirms new oil discovery in ultra-deep waters in the pre-salt of the Campos Basin.
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Alert in the global energy market: Severe tropical cyclone hits the coast and disrupts gas production at major plants in Australia, threatening global supply.
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Petrobras finds high-quality oil in the pre-salt at 113 km from RJ and reignites expectations about strategic reserves in the Campos Basin.
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Ocyan opens registrations for startups focused on innovation in the oil and gas sector and will select projects for Innovation Day with the support of Nexio.
The two companies signed a cooperation agreement on Monday (March 6, 2023) to expand the analysis of offshore wind projects on the coast of Brazil from two to seven wind farms, Poder360 reported. The technology utilizes offshore wind to generate energy.
The project, with a potential expansion of up to 14.5 GW, is part of the agenda to diversify the energy matrix of the Brazilian state-owned company. In the 2023-2027 strategic plan, the company listed the offshore wind energy industry as one of the 4 areas for new research in new businesses.
Thus, with these results, Petrobras expects the project’s production to begin within 6 to 10 years. Company representatives stated that the investments planned for the collaborative research phase are already included in the company’s strategic plan and no additional investments are expected in the short term.
Why Is There a Fuel Tax?
The government highlighted that, instead of increasing the tax burden, it refunded the taxes that already existed and were temporarily suspended. The annual cost to the EU of maintaining the exemption is 26 billion reais. According to the Ministry of Finance, the tax declaration was calculated to raise 28.8 billion reais as part of an action plan to reduce the current budget deficit from over 2% to about 1% in 2023.
Nonetheless, the Department of the Treasury decided to restore interest rates at a lower rate than before. If the tax were reinstated as it is, the increase would be even greater: Abicom estimates that, before disclosing the rates, gasoline would have adjusted by R$ 0.69 and ethanol by R$ 0.24.
The decision on the federal tax still did not include the ICMS, a state tax whose fuel tax rate remains lower than at the beginning of 2022, a matter that is being negotiated between the states and the federal government. According to calculations from the Department of State, the cost of the lower ICMS until 2023 is 124 billion reais.
These changes are in line with the pricing policy in parity with the international prices (PPI) of Petrobras, which has been in effect since 2016. Given the favorable timing of oil in international markets, Petrobras has room to lower its price.
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